According to U.Today, Reece Merrick, Ripple’s Middle East and Africa Managing Director, recently shared insights into the company's plans to launch its own stablecoin. Merrick believes that despite the existence of popular USD-backed stablecoins like USDT and USDC, Ripple's stablecoin will find success in the market.
Merrick, who oversees Ripple's operations in Dubai, highlighted the city's 'forward-thinking regulation' and extensive network as key factors for Ripple's continued expansion in the region. He noted that Ripple has been operating in the area for four years, focusing on fintech expansion and promoting crypto and blockchain adoption.
In the interview, Merrick also addressed questions about Ripple's intention to release its own stablecoin and compete with USDT and USDC, which are widely used globally. He acknowledged that the development and launch of Ripple's stablecoin is a logical step for the company, given the current $150 billion stablecoin market, which is projected to reach between $2.8 and $3 trillion by 2028.
Merrick also pointed out the growing demand for more regulated and compliant businesses to enter the stablecoin market. He believes there is a significant need for a regulated USD-backed stablecoin, as approximately 60% of all settlements outside the U.S., including in the Middle East, are conducted in U.S. dollars.
As for what sets Ripple's stablecoin apart, Merrick highlighted the company's 12 years of experience in building a cross-border offering. He stated, 'We have the infrastructure. The stablecoin was the next evolution of that.'